McCarthy says short-term U.S. transportation bill likely in May

WASHINGTON (Reuters) - Republican House Majority Leader Kevin McCarthy said on Tuesday he believes passage of a short-term legislation next month to extend transportation funding through the end of 2015 was more likely than a multi-year funding bill.

McCarthy told reporters that a short-term extension could buy more time for Congress to craft a longer-term transportation bill with a stronger funding mechanism. Current authorization for federally funded transportation projects expires on May 31.

He called a fuel tax increase "politically impossible" but said that a mechanism to reap revenues from the repatriation of U.S. corporate profits held overseas was a possibility, although that would need more time and be tied to a broader tax reform plan.